Benjamin Diokno allayed the fears of citizens by stating that there would be no increase in taxes. Rather the agencies would only pursue effective tax models.
Central bank governor Benjamin Diokno said the wholesale CBDC may help the country address financial system problems like issues in large cross-border transfers, commercial bank money, and more.
The Bangko Sentral ng Pilipinas issued the warning at a time when the Philippines has become a global leader in play-to-earn games, making 40% of Axie users.
The Bangko Sentral ng Pilipinas is set to move forward with a research project on a national digital currency, called "Project CBDC-Ph," although the central bank says it doesn’t see a need for digital peso.